TSX Venture Exchange Symbol: NCX
Highlights:
- Pemberton Hills 2021 drilling confirms a large, deep
lithocap consistent with an underlying porphyry system
-
- Pyrite rich breccia, remobilized metals in narrow veins, clay
minerals intersected in the 2018 and 2021 drilling programs
indicating higher temperatures and high acidity are interpreted as
emanating from a porphyry system at depth
- Next steps include completion of additional clay analyses,
creation of an integrated 3D model combining pyrite abundance,
metal ratios, clay analyses, geophysics and structure
- Exploration permits for Red Dog and Northwest Expo drill
programs have been received and pad construction has
commenced
-
- Red Dog program anticipated to include 4 holes totalling
approximately 2,000m
- Northwest Expo program will follow immediately upon completion
of Red Dog and will include an additional 4 holes totalling
2,000m
VANCOUVER, BC, Aug. 5, 2021
/CNW/ - Northisle Copper and Gold Inc. (TSXV:
NCX) ("Northisle" or the "Company") is pleased to announced
the results of its 2021 Pemberton Hills drill program. In addition,
the Company is pleased to announce the receipt of permits for its
2021 Red Dog and Northwest Expo drilling programs.
Sam Lee, President & CEO
of Northisle stated "I am excited that our work to date at
Pemberton Hills has supported the overall thesis. I look forward to
drilling to start at Red Dog and Northwest Expo while we continue
to advance the recently announced engagement and project
development work around our already robust resources at Hushumu and
Red Dog. As a company, we have a clear path forward and more
optionality than ever."
Robin Tolbert, Vice President
Exploration of Northisle added "The 2021 Pemberton Hills
results are encouraging and consistent with a large, deep porphyry
system. I look forward to completing a more detailed analysis of
results to date, which will assist in targeting future exploration
efforts at Pemberton Hills." He continued, "At Red Dog, we
have recently received our permit and anticipate the arrival of the
drill rig by mid-August. In addition, we will continue our surface
exploration efforts to identify and validate additional exploration
targets across the 50km extent of the North Island Project, which
stretches to the northwest of the past producing Island Copper Mine
in an area with excellent infrastructure for exploration,
development and operations. In particular, recent surface
exploration at Goodspeed has identified surface alteration and
mineralization similar to the nearby Hushamu and Red Dog
deposits."
Pemberton Hills
Northisle has now received all assay
results from its 2021 drilling program at Pemberton Hills, although
certain Terraspec clay analysis results remain outstanding. The
objective of the 2021 program was to test a porphyry
copper-gold-molybdenum target beneath the aerially extensive
lithocap present in the Pemberton Hills area and which has been the
subject of various exploration programs by Northisle since 2017.
The lithocap is an alteration zone comprised variably of kaolinite,
dickite, smectite, pyrite and silica typically found above buried
porphyry deposits. The map in Figure 1 shows an updated
interpretation of the surface geology of the Pemberton Hills
area.
While none of this year's drill holes penetrated the Pemberton
Hills lithocap, despite testing it to a vertical depth of 966
metres, the results of the drilling are considered to be consistent
with the existence of a hypothesized deeply buried, large porphyry
system. Of importance is the widespread occurrence of significantly
anomalous molybdenum mineralization that occurs in late structures
and hydrothermal breccias cutting both the lithocap and overlying
silica cap. The breccias and late structures are mineralized with
extremely fine grained molybdenite associated with a late, very
fine-grained pyrite and accompanying alteration of kaolinite,
dickite and lesser pyrophyllite plus silicification.
These structures, clay minerals indicating higher temperatures,
and high acidity (typically occurring just above porphyry systems)
plus associated molybdenum mineralization are interpreted to be
overprinting the older lithocap alteration and emanating from a
porphyry system at depth. Similar narrow mineralized structures
were noted in the 2018 drilling at Pemberton Hills. Collectively,
these mineralized structures observed in the 2018 and 2021 drilling
define an area of approximately 1.5km by 1.0km which indicates a
probable source area for the hypothesized buried
copper-gold-molybdenum bearing porphyry system.
The Company intends to complete additional Terraspec clay
analyses as well as the creation of a comprehensive 3D model which
will combine pyrite abundance, metal ratios, clay analyses,
geophysics and structure information which will be used to vector
towards the hypothesized mineralized porphyry system at depth.
Red Dog and Northwest Expo
Northisle is pleased to
confirm that exploration permits for Red Dog and Northwest Expo
have been received, and early work to prepare for drilling has
commenced at Red Dog. Drilling will begin at Red Dog with four
holes totalling approximately 2,000 metres which will target both
the northwest extension of the higher grade Red Dog deposit and
test fo the down-faulted south side of the deposit.
This will be followed by four holes at Northwest Expo where in
2005, drill hole EC-228 returned 1.0g/t Au and 0.17% Cu over
95m. This area exhibits a complex
alteration system with analogies to the Island Copper
deposit. Additionally, a large region of intense silica-clay
alteration, of the type generally found proximal to porphyry
systems in the belt, was delineated through mapping and
reconnaissance-style drilling.
Hushamu
The final drilling program for 2021 will be
the drilling of 4,000 metres in at least 7 holes which will test
the possible extension of the Hushamu Deposit to the
southeast. The drill program at Hushamu will commence upon
completion of drilling at Northwest Expo, subject to the receipt of
permits.
Goodspeed
Recently completed structural and alteration
mapping at Goodpeed has outlined a large area of
silica-clay-pyrite alteration with a 500 metre by 350 metre core of
chlorite-magnetite (CMG) alteration containing stockwork
quartz-feldspar-chalcopyrite veining in places. This CMG alteration
is also found within and peripheral to Northisle's Red Dog
copper-gold-molybdenum deposit 3.5 kilometres to the west, as well
as its Hushamu copper-gold-molybdenum deposit 7 kilometres to the
southeast. Further mapping, sampling and clay analyses will be
carried out to aid focusing geophysical surveys followed by
drilling.
Qualified Person
Robin
Tolbert, P.Geo., Vice President Exploration of Northisle and
a Qualified Person as defined by National Instrument 43-101, has
approved the scientific and technical disclosure contained in this
news release.
About Northisle
Northisle Copper and Gold Inc. is a
Vancouver based company whose
mission is to become a leading and sustainable mineral resource
company for the future. Northisle owns the North Island
Project, which is one of the most promising copper and gold
porphyry deposits in Canada. The
North Island Project is located near Port
Hardy, British Columbia on a 33,149-hectare block of mineral
titles 100% owned by Northisle stretching 50 kilometres northwest
from the now closed Island Copper Mine operated by BHP Billiton.
Northisle recently completed an updated preliminary economic
assessment for the North Island Project and is now focused on the
advancement of the project through a pre-feasibility study while
continuing exploration within this highly prospective land
package.
For more information on Northisle please visit the
Company's website at www.northisle.ca.
On behalf of Northisle Copper and Gold Inc.
Nicholas Van Dyk, CFA
Vice President, Corporate Development and Investor Relations
Tel: (778) 655-9582
Email: info@northisle.ca
www.northisle.ca
Cautionary Statements regarding Forward-Looking
Information
Certain information in this news release
constitutes forward-looking statements under applicable securities
law. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expect", "intend" and similar expressions. Forward-looking
statements in this news release include, but are not limited to,
statements relating to the 2021 PEA results, anticipated 2021
activities, the Company's plans for advancement of the North Island
Project, including the potential use of existing infrastructure,
expectations regarding the 2021 exploration program; the Company's
plans for engagement with Indigenous nations, communities and key
stakeholders, and the Company's anticipated exploration activities.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, Northisle's ability to
implement its business strategies; risks associated with mineral
exploration and production; risks associated with general economic
conditions; adverse industry events; stakeholder engagement;
marketing and transportation costs; loss of markets; volatility of
commodity prices; inability to access sufficient capital from
internal and external sources, and/or inability to access
sufficient capital on favourable terms; industry and government
regulation; changes in legislation, income tax and regulatory
matters; competition; currency and interest rate fluctuations; and
other risks. Readers are cautioned that the foregoing list is not
exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release
represent the expectations of management of Northisle as of the
date of this news release, and, accordingly, are subject to change
after such date. Northisle does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE NorthIsle Copper and Gold Inc.
